Review of Retails Payments Regulation
Submission to: Reserve Bank of Australia
Related Projects
Review of the Bankruptcy Threshold for Creditor’s Petitions
Submission to: Attorney-General’s Department
Joint submission from Financial Rights Legal Centre, Consumer Action Law Centre and FCA setting out why the bankruptcy threshold should be increased to $50,000. It is currently $5,000. This means that people can unfairly lose their homes over very small debts and that bankruptcy is inappropriately used as a debt collection tool.
Joint submission from Financial Rights Legal Centre, Consumer Action Law Centre and FCA setting out why the bankruptcy threshold should be increased to $50,000. It is currently $5,000. This means that people can unfairly lose their homes over very small debts and that bankruptcy is inappropriately used as a debt collection tool.
Financial Sector Reform Bill 2022 Schedule 4: Consumer Credit Reforms
Submission to: Senate Economics Legislation Committee
Joint consumer group submission (led by Consumer Action). The submission strongly supports the passage of Schedule 4 of the Bill which will make consumer credit leases and payday loans safer forms of credit. The key parts of the Bill address the costs of these products which too often trap people in a cycle of debt and cause extensive financial hardship. The Bill would cap the amount of income that a person could spend at 10% of net income for each product (potentially 20% in total). For consumer leases, the Bill would also introduce a monthly cap of 4% on the fees that can be charged. The Bill also includes anti-avoidance provisions.
Joint consumer group submission (led by Consumer Action). The submission strongly supports the passage of Schedule 4 of the Bill which will make consumer credit leases and payday loans safer forms of credit. The key parts of the Bill address the costs of these products which too often trap people in a cycle of debt and cause extensive financial hardship. The Bill would cap the amount of income that a person could spend at 10% of net income for each product (potentially 20% in total). For consumer leases, the Bill would also introduce a monthly cap of 4% on the fees that can be charged. The Bill also includes anti-avoidance provisions.